Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Clarcor
So what: Revenue came in at $284.9 million, resulting in earnings per share of $0.65. Both figures came in shy of the consensus estimates of $305.7 million in sales and a $0.70-per-share profit. CEO Chris Conway said the company saw headwinds across its top line in the second quarter as growth was offset by negative foreign-exchange-rate effects and softness in several key markets.
Now what: Due to the continued uncertainties, Clarcor is reducing its full-year earnings guidance to a range of $2.50-$2.65 per share. That's down from its previous guidance of $2.55-$2.70 in profit and also short of the Street's expectations of $2.68. The slowing growth in China is also weighing on results, as its first-fit OEM heavy-duty engine filter sales in the region fell by 25%, due to a drop in local production of diesel engines.
Interested in more info on Clarcor? Add it to your watchlist by clicking here.
